Restructuring Costs Hurt Flextronics

Updated April 27, 2004 7:01 p.m. ET

Flextronics International Ltd.'s fiscal fourth-quarter earnings declined 18%, weighed down by restructuring costs. The contract electronics manufacturer, which is based in Singapore but operates from San Jose, Calif., reported net income of $16 million, or three cents a share, for the quarter ended March 31, down from year-earlier net of $19.5 million, or four cents a share. Sales climbed 23% to $3.77 billion from $3.06 billion. The latest quarter included restructuring costs of $48 million, as well as $8.8 million in amortization expense. Sales rose 8.6% to $14.53 billion from $13.38 billion.